Between 1990 and 2010, the region's poverty rate fell from 48.4 percent to 31.4 percent, with a predicted drop to 30.4 percent by the end of 2011. The indigence (extreme poverty) rate is currently at 12.3 percent.

At the end of this year, there will still be 174 million Latin Americans living in poverty. But almost every Latin American country saw declines in the poverty and indigence rate over the past two decades. The only exceptions were Honduras and Mexico, two of the most dangerous and weakened countries in the region.

The report also notes that after decades of incredible inequality, 2002 saw the beginning of a slight trend downward. Although not enough to bridge the chasm between the rich and poor, the start of a more equal distribution of labor income per person employed closed the gap.

Surprisingly, Latin America has been relatively strong as of late. Five countries — Peru, Ecuador, Argentina, Uruguay and Colombia — had significant drops in poverty between 2009 and 2010.

"In response to the global economic crisis, the countries opted to temporarily expand public spending rather than to shrink it, which was the action traditionally taken... [and] expansion prevented the rise in unemployment and social vulnerability."

The report also discussed falling fertility rates and a continued lack of social protection for Latin American workers. For example, social security and pensions are given to less than half the elderly population, and women are particularly at risk for lacking coverage throughout their lives.

There are also a handful of countries — like Bolivia, Guatemala and Honduras — spending less than US $300 per capita towards social programs like education and housing, an issue central to the continued goal of lowering the region's poverty rate.